Nowadays, more than ever, individuals are looking for ways to save money. That includes those people who are seeking to buy a used car. Of course, shoppers have always been interested in used cars for sale, but finding a great car for a good price has become more and more difficult as time goes on. It’s no surprise that this problem has led many to consider buying a salvage title vehicle.
Definition of a Salvage Title Vehicle
Salvage title vehicles have been damaged, usually in an accident, and been deemed a total loss by the owner’s insurance company. Usually, the owner is paid off, and the title leaves the owner’s hand and goes to the insurer, who is more than happy to be rid of it. Perhaps you’ve come across one of these vehicles, and as far as you can tell, it doesn’t look like so bad. It may seem repairable and a great deal. But is it?
The answer to this question is…it depends. We’ll go over whether a salvage title vehicle makes sense for you below. So, salvage title – pros and cons – full review.
Salvage Title Auctions
Factors to Consider with a Salvage Title
The very first thing that you need to consider is whether your state allows vehicles with a salvage title on the road. That last thing you want to do is shell out your precious dollars for a used car, only to find out you aren’t even allowed to buy it. So, do a quick Google search and see if it’s allowed before you move on. In internet you easy can make a claim and find reviews about this kind of advertising.
If you’ve determined that a salvage title car is legal to drive in your state, we come to question two. Do you tend to drive your cars for years and years? The reason that’s important is that a salvage car title is for life. While you’re going to get a great deal buying one, you’re going to get a poor deal selling one so consider that. If you only swap cars out after many years, you’ll likely get your money’s worth. If you want a new car every few years, you may not want to bother.
Another thing to consider is whether you’re capable of doing your own repair work. If you know some car repair skills and don’t mind doing the work, you can save even more money fixing up your salvage title vehicle.
Pros of a Salvage Title
- The price is extremely low. This is the major advantage when it comes to buying a used car with a salvage title. You’re going to save a decent amount of money. Salvage vehicles can be much less expensive than a standard used car of the same make and model. This makes it a cheap car to drive around, but it can also be a cheap source of parts if you have a similar car that needs repairs. However, it’s up to you to determine if the parts are in reasonable enough shape to warrant the purchases.
Cons of a Salvage Title
- Insurance is going to be a lot of trouble. Lots of insurance companies try to avoid writing certain policies on rebuilt salvage vehicles. This is because if you are to get into an accident, it’s nearly impossible to determine the damage from the new accident and the damage left over from the old damage. Some insurance companies simply will not write a policy; others will require extra money.
- Price of repairs. While the price of the car might be great, the price of repairs might be substantial. The damage might be significant, and it may not be easy to determine. If you plan to go through with buying a salvage vehicle, make sure to have a mechanic look at it, so you are sure about your decision.
- Salvage vehicles stay salvage vehicles. No matter what you do in the future, a salvage vehicle is always going to be listed as salvage. This is true even if you get the vehicle back into great shape. Your car will be considered a rebuilt vehicle, which simply means a salvage that has been repaired. That means, no matter what you do with it, it’s never going to fetch the price a non-salvage used vehicle would.
Knowing all these things, you can make your own decision about whether a salvage used car is your best option. It primarily depends on how much time and money you want to put into the project. If you don’t mind all the hassles listed above, you might be fit to buy a salvage title, but if not, it’s probably best to eat the extra cost and go with a traditional used vehicle.